The Philippines Armed Forces & Police Mutual Benefit Association Creates New Digital Loan Product in Under a Week with OutSystems
MANILA, Philippines, Aug. 3, 2020 /PRNewswire/ -- OutSystems today announced that Philippines financial solutions provider, Armed Forces & Police Mutual Benefit Association Inc. (AFPMBAI) is using the OutSystems low-code application development platform to launch a new loan product to continue serving its members amidst the ongoing COVID-19 pandemic.
AFPMBAI provides insurance solutions and personal loans to uniformed personnel and their families. Traditionally, the majority of work was done face-to-face, with advisors conducting assessments and approving loans and policies across its 18 locations. However, due to the escalating COVID-19 situation, the Philippines entered lockdown and the company was forced to digitalize its physical sales process in a matter of days. The lockdown affected both daily operations and the income stream at AFPMBAI, as the government placed restrictions on financial services companies' ability to collect premiums and loan repayments. This forced AFPMBAI to find a new income stream to protect the long-term future of the business and continue to support the Philippines' uniformed services during this period.
"We had to act quickly to maintain operations. Many people depend on us for loans and insurance, and we had to ensure they had access to finances, more so during this crucial period," says Antonio Hornilla, Chief Information Officer, AFPMBAI. "The new digital loan product is highly competitive and unique in the marketplace – higher loanable amounts, lower interest rates and more flexible terms. The product represented a lot of work What we achieved with OutSystems was impressive, as it's quick to code and very fast to test—we couldn't have achieved that with our legacy platform."
By employing the OutSystems application development platform, the team was able to turn the new product idea into a fully functioning digital product in under a week, collaborating over video calls for real-time tweaks and testing simultaneously as they worked. The initial system was built in just four days, with two days of subsequent testing to get it ready for launch. The stakeholders from various departments could then access the platform and provide feedback on the new application. The launch of the new digital loan product was a resounding success. AFPMBAI had initially set aside around USD5 million, expecting to offer the loan for a month. However, with the combination of favourable terms and a user-friendly application interface, the entire portfolio sold out in just two weeks. The flexibility and speed of OutSystems development was tested as the team was tasked to rapidly build a temporary integration with the old system, and get the missing data copied across.
"Agility plays a critical role when responding to community needs during this unprecedented time," said Mark Weaser, APAC Vice President of OutSystems. "This project with AFPMBAI not only offers the ability to deliver applications faster and more efficiently than ever before, but it goes to show how OutSystems empowers them to be responsive and deliver custom solutions to their customers at scale."
The team at AFPMBAI now have the ideal foundation to continue offering vital financial support to uniformed service members throughout the Philippines, especially during this challenging period and sound foundation upon which to deliver and adapt new digital products to market faster post-pandemic.
Thousands of customers worldwide trust OutSystems, the number one low-code platform for rapid application development. Engineers with an obsessive attention to detail crafted every aspect of the OutSystems platform to help organisations build enterprise-grade apps and transform their business faster. OutSystems is the only solution that combines the power of low-code development with advanced mobile capabilities, enabling visual development of entire applications that easily integrate with existing systems.
About Armed Forces & Police Mutual Benefit Association, Incorporated (AFPMBAI)
Armed Forces & Police Mutual Benefit Association, Incorporated (AFPMBAI) is an organized mutual benefit association that provides security, protection and meaningful financial solutions for the uniformed services of the Philippines and their families. Members hail from the Armed Forces of the Philippines, the Philippine National Police, the Bureau of Fire Protection, the Bureau of Jail Management and Penology and the Philippine Coast Guard to name a few.
Competitive Advantages of Edge Analytics
How to Strategically Leverage New Connectivity Options